The crypto market has experienced a strong correction recently, and the entire market is filled with depression caused by the falling sentiment. However, in the process of market development, ups and downs are the norm, and in the process of overall market decline, it is a touchstone for many projects.
In this process, which tokens are still strong? Which tokens are about to collapse? This article analyzes the recent token market performance to reveal the changes in the market.
Nearly 60% of token prices have been cut in half, with blockchain games being the hardest hit
Based on the OKX perpetual trading pair data, PANews lists the highest and lowest points in the past 30 days respectively, calculates the currency with the largest decline in the past 30 days, and also uses the rebound price range from the low point to July 8 to reflect the strength of the token rebound.
Among the 20 tokens with the largest declines, GPT suffered the largest decline, with the maximum decline reaching more than 80% within 30 days. GPT also became the only AI project in the top 20 declines.
In addition, blockchain games have become the track with the most appearances. Among the top 20 decliners, there are 4 game-related projects, including BLOCK, BIGTIME, ACE, and ULTI, with an average decline of 68.5%, and the price has evaporated by nearly 70%.
Surprisingly, although MEME coin is famous for its high volatility, only one MEME coin was included in the list of tokens with the largest decline, and FOXY is not yet very mainstream. MEME.
However, in this round of decline, most of the tokens suffered heavy losses. Among the 194 tokens counted, 110 tokens fell by more than 50% in 30 days, accounting for nearly 60%.
Layer1 is more resistant to declines and old currencies are more stable?
In the top 20 rankings with the smallest declines, the governance tokens of various Layer 1 public chains still show stronger stability. Among them, the declines of TRX, TON, BTC, ETH, SOL, XRP, DOT and other tokens are relatively much smaller. These tokens have existed for a longer time and have a larger market value, which may be why they have maintained better stability.
In addition, the smaller declines in NFT and JST at the top of the list are not due to the strong price of the currency, but because the two tokens had already fallen before and have recently entered a relatively stable price range.
NOT rebounded and was far ahead of the rest. Will the rune track be in turmoil again?
If a decline is inevitable, then the rebound after the decline can better reflect the market's confidence and expectations for the token.
Notcoin has been performing strongly despite the recent market slowdown. Over the weekend, the coin began to recover from last week’s pullback, trading from $0.0094 to hover between $0.015-0.017.
According to CoinGecko, NOT has outperformed the current crypto market and similar GameFi tokens by 21.5%. The token’s 80% gain has sparked bullish sentiment about NOT’s short- and medium-term performance.
In addition, LayerZero's token has just been launched not long ago. Although it also caught up with this wave of sharp pullback, judging from the market performance, the token ZRO has also rebounded relatively strongly, rebounding 55% from the low point.
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